FUND OBJECTIVE
The principal investment objective of the Fund is to invest in income-generating real estate assets to earn regular rental income and distribute at least 90% of Fund’s net income in cash to investors quarterly at the end of month of march ,June ,September, December of each calendar year. The cash distributed excludes any capital gains arising from the sale of the assets.
FUND LEVEL DATA
No of Properties Listing DateNo. of Units (at SAR 10 par value) Management Fee
Custodian Fee Auditor Fee
Auditor Custodian Dividend Policy
Dividend Distribution Valuation Frequency
Fund manager investment on the fund
19
20-Mar-18 161856857
0.8% of total assets less expenses SAR 185,000 per annum
SAR 55,000 per annum
Ibrahim Ahmed Al Bassam & Co (PKF) Certified Public Accountants KASB Capital
To distibute at least 90% of net profit Quarterly
Semi-annual 15,320,447 unit
DIVIDEND DISTRIBUTION DETAILS
Paid in H2 2018 - For period 20 Mar - 30 Jun'18 Paid in H1 2019 - For period 1 Jul - 31 Dec'18 Paid in H2 2019 - For period 1 Jan - 30 June'19 Paid in H1 2020 - For period 1 Jul - 31 Dec'19 Paid in H2 2020 - For period 1 Jan-30 June'20 Paid in H1 2021 - for period 1 Jul - 31 Dec'20 Paid in H2 2021 - For period 1 Jan-30 June'21 Paid in H1 2022 - For period 1 Jul - 31 Dec'21 Paid in H2 2022 - For period 1 Jan - 30 June'22
ELIGIBILITY 18/07/2018 13/02/2019 31/07/2019 11/02/2020 11/08/2020 09/02/2021 10/08/2021 08/02/2022 09/08/2022
TOTAL DISTRIBUTED DIVIDEND (SAR) 21,242,149
37,947,139 39,104,195 33,989,940 45,319,920 45,319,920 45,319,920 45,319,920 53,412,763
TOTAL UNITS 122,200,609 122,200,609 122,200,609 161,856,857 161,856,857 161,856,857 161,856,857 161,856,857 161,856,857
SAR/UNIT 0.174 0.311 0.320 0.210 0.280 0.280 0.280 0.280 0.330
1
Al Rajhi REIT Fund Statement - Q4 2022
FINANCIAL STATEMENT (UNAUDITED) AS OF 30.06.2022
Total Revenue Total Expenses*
Net Income
Funds from Operation
*total expenses includes non cash charge of depreciation of SAR (14,589,421), reversal of/(impairment loss) on doubtful receivables of SAR 11,657,696 & reversal of/ impairment loss of SAR 17,399,174.
Total Assets Total Liabilities
Net Asset Value Attributable to Unitholders Units issued
79,718,625 (12,430,933) 67,287,692 64,477,939
2,191,441,201 923,610,080 1,267,831,121 161,856,857
INCOME STATEMENT
PERFORMANCE OF THE UNIT PRICE AND NAV
Market Price NAV
-3.07%
1.97%
For relevant quarter
-10.35%
1.04%
YTD
-10.35%
1.04%
1 year
1.35%
-20.20%
3 years
-2.10%
-22.20%
Since Inception
BALANCE SHEET
4TH QUARTER FINANCIAL HIGHLIGHTS Total Assets2
Net Asset Value Attributable to Unitholders2 NAV per unit (at cost)2
Total distributed dividends (latest distributed dividend) Total distribution % from the fund’s net asset value2 4TH Quarter Rent Income
Total Debt2,5
Market Price as on 31/12/2022
4TH Quarter Rental Income over Market Capitalisation1 Total Debt as % of Total Asset Value2,4
Total Fees & Expenses3
Total Fees & Expenses3 to Total Asset Value2 Total Fund Cost4 as % of Total Asset Value2
2,185,815,610 1,259,827,724 7.78
53,412,763 4.24%
39,390,114 (896,399,599) 9.79
2.49%
41.01%
(15,057,582) -0.69%
-0.40%
1: Market capitalisation = No. of units multiplied by Market price as on 31.12.2022 2: Values as on 31.12.2022 (Unaudited )
3: Q4 2022 expenses includes all cash and non-cash charges (Unaudited)
4: Q4 2022 Operating expenses excluding depreciation, impairment (reversal) & interest expense (Unaudited) 5: Facility fulfillment period and due date:
Facility Amount (SAR Mn) 57
57.55 118.6 92.3 65.88 254.5 145.4 105.14
Period (Yrs.) 7 8 8 8 8 5 5 7
Start 30/10/2018 19/08/2019 06/11/2019 18/12/2019 22/12/2019 20/12/2020 23/03/2021 07/02/2022
End 31/12/2025 31/12/2027 31/12/2027 31/12/2027 31/12/2027 31/12/2025 31/03/2026 06/02/2029
2
Al Rajhi REIT Fund Statement - Q4 2022
Fees & Expenses Amount for the relevant quarter % from Fund Total Asset Cap Limit of All Expenses
Subscription fees 2% of the subscribed amount, One time Payment
Fund Management fees
- 0.20%
0.00%
0.00%
-0.02%
0.01%
0.00%
0.02%
0.00%
0.00%
0.00%
- - 0.00%
0.50%
0.00%
- - 0.00%
0.00%
0.04%
0.35%
0.14%
0.8% of total assets less expenses, "Annually"
Custody fees SAR185,000 Annually
Transfer Ownership Fees 1% of the purchase or sale price, "Paid Once Upon Purchasing or Selling
2% of the amount withdrawn, "Paid Once Upon Receiving any Banking Facilities"
Property Management fee Two properties with total amount equal to 1,656,000 SR Annually.
In addition, the Fund also bears property management fees for two more properties which consist of 8% of collected rent.
Sub Administrator fees $55,200 equivalent to SAR192,000 and increase by 3.5% every
calendar year
Real Estate Evaluation fees 0.05% of the total value of the fund’s assets, "Annually"
Regulatory fees SAR7,500 Annually
Remuneration of Independent Board Member SAR5,000 for each Independent Board Member "Annually"
Transaction Expenses 0.10% of the fund asset's total value "Annually"
Brokerage Commission 2.5% of the acquisition value for any real estate asset
Unit Register Management by Tadawul SAR400,000 Annually
Annual fees for Listing in Tadawul 0.03% of the fund market value maximum 300,000 "Annually"
Financing costs during the financing term, the fees, expenses and the expenses related to the financing arrangement, which are paid only once when arranging the financing
Finance Expenses
Auditor fees SAR55,000 Annually
Initial listing fees SAR50,000 paid once upon establishment
Development fees negotiable
Publishing Information on the Saudi Stock Exchange
website Fees SAR5,000 Annually
Registration fees in the Saudi Stock Exchange SAR50,000 in addition to SAR2 for each unit holder, with a
maximum of SAR500,000
Other Expenses 0.25% of the fund’s total assets value "Annually"
Depreciation expense Provision for doubtful debts
For more information, please see the terms and conditions of the fund announced on the Al Rajhi Capital and Saudi Tadawul websites Structured Finance fees (This fee is depreciated over the
financing period of the amount withdrawn)
- 4,271,661
46,250 - (426,287)
319,145
93,802 339,150
1,875 - - - - 75,000 10,830,644
13,750 - - 1,250 100,000 886,036 7,685,280 3,125,754
3
Al Rajhi REIT Fund Statement - Q4 2022
FUND UPDATE
During fourth quarter, following events occurred and were announced on Tadawul & Al Rajhi Capital website:
1. Announcement by Al-Rajhi Capital regarding an update of the terms and conditions of Al-Rajhi REIT Fund.
2. Announcement by Al Rajhi Capital regarding the details of non-fundamental changes related to dividends distribution policy from semi-annually to quarterly basis.
3. Announcement by Al Rajhi Capital regarding a material development of Al Rajhi REIT Fund, related to the approval of the funds board of directors on signing purchase agreement of two properties subject to to complete the process of increasing the fund’s total asset value through additional unit offering which requires approvals of Capital Market Authority, Saudi Exchange (Tadawul) and unit holders.
4. Announcement by Al Rajhi Capital the availability of the quarterly statement of AlRajhi REIT Fund for the period ending on 30th September 2022.
5. Al Rajhi REIT Fund announces an addendum Announcement regarding a specific event related to increase the sharia compliant facility & reduction of profit spread on total financing from Al Rajhi Bank, and hedging against interest rates for a facility amounting SAR193.7 Mn
For more details, please visit the announcements page in Tadawul & Al Rajhi Capital website.
PORTFOLIO HIGHLIGHTS
DISCLAIMER
Al Rajhi Capital is an Authorized Person under the APR with license number 07068-37 granted by the CMA. Past performance is neither an indication nor a guarantee of future returns. The value of units and income from them can go up or down; investors may receive less than what they have originally invested. Additionally, fees charged on funds and currency exchange rates may have additional adverse effects. Investors should consider their individual and financial situation prior to entering into a specific product/fund and should seek advice from investment and legal professionals. Detailed and specific information related to the product is provided in the terms and conditions applicable to the fund which should be read and understood prior to entering into it.
12%
10%
10%
8%
7% 8%
7%
6%
6%
5%
3%
3%
3%
3%
2%2% 2% 2% 1%
Total Fair MKT Value as of 31.12.2022 SAR 2,141,510,481
Property Fair Market Value by Assets Occupancy % for each property
4
61% 57%
90%
43%
100%
0 10 20 30 40 50 60 70 80 90 100
Rowad Al Khaleej Intl./Dammam Blue Tower Mutlaq/Lulu Rowad Al Khaleej Intl./Riyadh Panda Marwah - Jeddah Lulu'ah warehouse, Riyadh Al Andalus, Jeddah AlSalam NMC Hospital Faris Intl. School Rama Plaza Panda Rowadah, Jeddah Jarir Al Ahsa Al Anwar Plaza Al Narjes Plaza Lulu Lugistics Warehouse Panda, Khamis Mushait Panda Madain AlFahad, Jeddah Baraem Rowad AlKhaleej Intl. School / Riyadh Oasis Mall, AlKharj
Al Rajhi REIT Fund Statement - Q4 2022
Rowad Al Khaleej International School, Dammam Mutlaq/Lulu
Rowad Al Khaleej International School, Riyadh Panda Marwah - Jeddah
AlSalam Hospital Al Andalus Jeddah Blue Tower, Khobar Faris International School Lulu'ah warehouse, Riyadh Oasis Mall, AlKharj Rama Plaza Jarir Al Ahsa
LULU Logistics Warehouse Al Narjes Plaza Panda Rowdah - Jeddah Panda Madain Fahad - Jeddah Panda Khamis Mushait Al Anwar Plaza
Baraem Rowad Al Khaleej Intl Kindergarten
